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CSPAN
Dec 4, 2012 5:00pm EST
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer confidence. we
CSPAN
Nov 30, 2012 9:00am EST
to create jobs and boost the economy. mr. benishek: our nation is facing significant challenges. a weak economy, record deficits and a federal government we cannot afford. many northern michigan citizens fear for the future of our republic. the american people deserve solutions to these problems and comprehensive tax reform is a key part of these solutions. president obama has made it clear that his preference is to raise taxes on families and businesses, but that plan won't fix our national debt. it won't improve the economy. instead, congress should focus on tax reform and real significant spending reductions. the american people have chosen divided government, and with that comes a responsibility for us to work together and to fix the pro-our nation faces. i -- the problem our nation faces. i ask my colleagues to help resolve this fiscal crisis and do what's best for the american people. thank you. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from pennsylvania seek recognition? >> i ask unanimous consent to address the house for
CSPAN
Dec 6, 2012 5:00pm EST
wealthiest individuals and the economy grew at its fastest rate in a generation. it added more than 22 million jobs. during the following eight years, the top marginal rate dax tax rate was lower, but economy never regained its strength from the reviews decade. middle-class families are vulnerable when the recession began at the end of 2007. i hope this hearing is helpful not just in this hearing, but across this country to people who are watching and waiting for congress to act. i will say more at the end about some of our members who are leaving. it is -- it has been an honor for me to serve as chairman of this committee and also served with my friend, kevin brady, as vice chair. he has been great to work with. i hope there'll be bipartisan success in congress. i look forward to working with him as i change seats in the senate for the next congress. i am grateful to our witnesses, whom i will introduce. before i do that, opening statements. >> i think the chairman for the recognition. this is the concluding hearing from the 112th congress. ,'m behalf of the vice chair kevin brady,
CSPAN
Dec 7, 2012 9:00am EST
any sector of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is going on. host: jim on the republican line, from maine. caller: i thank unemployment is probably a good thing, but when you expanded too far, it put a really heavy burden on the employers. as one lady called in on the last segment, the state she was from is obviously much higher than made is, but when it gets to a point that your state system goes broke, they put fees on the employer, and they cannot afford to pay the rates. host: mr. tanner? guest: the unemployment tax is generally under 1% even when you include the match that goes into the extended benefits. we're already running in federal debt more than 100% of gdp. once you get over 60% to 70% of gdp, that begins to slow economic growth. we are costing jobs. that is because that money is -- players are looking down the road and saying they're going to have to pay more in the future. we simply cannot afford to spend money, especially we
CSPAN
Dec 4, 2012 1:00pm EST
going forward, helping us revive this economy. we don't want to set them back. and so why not do what the senate did several months ago in passing a bill bipartisanly that protects the middle class from seeing their taxes raised? we only need a few dozen republicans, quite honestly, to get that done because we're about to sign a discharge petition that we are going to declare as democrats that we are ready to plass the middle class tax protection act which will make sure that middle-class families do not watch their taxes go up simply because republicans are intent on protecting millionaires and billionaires and are holding middle-class families hostage to that increasing tax. we believe we can end december, certainly before the holidays on a really good note, maybe still having some disagreement but at least let's agree that we're not going to let the american people watch congress play this game of chicken right before the holidays where the american people are the hostages when we know that we have bipartisan agreement on protecting the middle class. and so we are thrilled that mr.
CSPAN
Dec 4, 2012 10:00am EST
other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic activity, why don't we go to a 95% tax rate and then we'll really have a booming economy? the reason that no one proposes that is because no one really believes that. that's why the accelerated tax rate that's being recommended by the white house is also being proposed by another stimulus plan, a spending plan. here's the example that i can talk about with this. when people talk about just raise taxes in the upper 2%, well, here's an example of what's being proposed by the president. capital gains will go to 28.3%. dividends will go from 15% to 43.4%. now, i have a lot of people that will say to me, just raise it on the upper bracket. but when i tell them, can i tell you what that means? their taxes go from 15% to 43.4%, i have yet someone stop me and say, that's fair. it sounds so much easier to say, raise it on someone else, not on us. we have to solve the problem. just raising taxes doesn't solve the problem. we're spending $1 trillion more than
CSPAN
Dec 5, 2012 5:00pm EST
that my parents were able to. what are the impediments to that? we have an economy that aren't creating enough of those middle-class jobs and we don't have enough people with skills to do those jobs and there are a lot of people that fall into those categories. access to education and the impediments i faced in my own life to education and how impossible it would have been for us to go to college if there weren't pell grants and student loans. it's the social realities and social changes that have occurred. you can't separate economic well-being from their social well-being. there are many young kids in america that are growing up in difficult circumstances raised by heroic parent, a grandmother in substandard housing, poor nutrition and schools that are failing. those kids are going to struggle. they don't go to after-school activities because the paints can't afford the fees. can you succeed? there are parents out there doing amazing things and will be the first ones to tell you, it is hard, but we can't be the country we need to be if we don't address that. government can ha
CSPAN
Nov 29, 2012 1:00pm EST
across all sectors of our economy. not -- yes, in stem, but not just in stem. so we are asked to choose. asked to choose between people with graduate degree who we want to keep here in science, technology, engineering, and math. in many cases, if they're not allowed to stay, they will have to return to other countries and the jobs will follow them, costing our country jobs. choose between them and allowing people here from countries other than mexico, india, and china. some of whom are high skilled, some of whom are low skilled, divorce group across the board and looking back at many of our own forebears, certainly mine mitigating circumstance family came to this country in the late 19th century and early 20th century, 1890's, 1905. they didn't have master's degrees they zrntpampede's they didn't have college degrees. and that's the case for many of our forebears. and here today their great grandson sits as a member of congress. and had a program then existed whereby they could arrive nellliss island and be here, i wouldn't be here today my father has a ph.d. but that's a legacy
CSPAN
Nov 29, 2012 10:00am EST
for federal response to true disasters. that's precisely the time that the local economy and taxpayer are least able to pay the full cost of recovery. they need money, personnel and assistance, but that doesn't mean a permanent entitlement to risky behavior. the federal government should deal with what is truly catastrophic and with the humanitarian costs. families obviously should not be less destitute, hungry and homeless in the aftermath of natural disaster. there is, however, no reason that we encourage the repetition of these terrible events. in a time of fiscal stress and budgetary realignment, we should include government disaster spending, liability and development policy as we address the fiscal cliff. done right this will not only save money but countless lives as well. the speaker pro tempore: the chair recognizes the gentlewoman from new york, ms. hayworth, for five minutes. ms. hayworth: thank you, mr. speaker. mr. speaker, all work in congress during these final weeks of 2012 is focused on the fiscal cliff. we're worried and rightly so about what it means to our
CSPAN
Dec 5, 2012 10:00am EST
resources. in conclusion, the bill will benefit our nation's economy by helping american innovators and businesses better protect their inventions overseas. i urge my colleagues to support the legislation, and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from texas. mr. smith: mr. speaker, we have no other speakers on this side. i yield back the balance of my time as well. the speaker pro tempore: the gentleman yields back. the question is will the house suspend the rules and pass senate 3486. those in favor will signify by saying aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from texas seek recognition? mr. smith: mr. speaker, i move that the house suspend the rules and pass s. 2367, the 21st century language act of 2012. the speaker pro tempore: the clerk will report the title of the bill. the clerk: senate 2367, an act to strike
CSPAN
Dec 5, 2012 1:00pm EST
. i have sales for wal green's and cvs. that's tough to do in today's economy. $10,000. so that's why it's so interesting. look out here. of the -- almost 21 million tax returns filed, only 14 of them ended up having a tax associated with them, 425,000 were itemized. now i want you to think about that, mr. speaker. you know, most americans don't itemize on their taxes. they have the standard exemption, the standard deduction. most americans take that. even homeowners. of course, the mortgage interest deduction is the largest itemized deduction that most american families take followed by the charitable deduction. but most american families don't itemize at all. so you have to ask yourself, mr. speaker. who are the folks who are reporting under $10,000 a year in income who are doing all this itemizing? it's about 30-1. even down here among the richest of americans, mr. speaker, it's 1-1. 30-1. folks are gaming this tax code, gaming this tax code to participate not at all in the funding of our government. and when we get together here to try to think about how we take care of the poores
CSPAN
Dec 6, 2012 10:00am EST
support, and i quote, the housing market would have quit taking the economy with it. providing the backstop for mortgage credit when public services flee from the market has a cost. the losses at f.h.a. to stem from the new now prohibited down payment program, heavy losses in the first mortgage program, and losses -- loans made at the height of the crisis to prevent a collapse of the housing market. while they have already taken action to pretext the financial mortgage fund for single family loans from seeking federal funds, the f.y. 2012 report suggests that much more needs to be done to prevent such a draw. i want to hear more today about the administration's actions and proposals to minimize the risk to taxpayers stemming from their business and what safeguards are in place to ensure the quality and sustainability of the program. if the administration's actions and proposals will not be sufficient to restore f.h.a.'s fiscal health, i'm inclined to work with my colleagues on both sides of the aisle on the banking committee to find a bipartisan way to make shoo -- that happen. bef
CSPAN
Dec 6, 2012 1:00pm EST
the iranian economy, with energy and ship building and shipping and the ports, this amendment that would shut down businesses that are involved in sectors which fund the proliferation activities of iran and that regime is crucial. in addition, the amendment is going to prohibit business with all designated persons connected to the iranian government. it bans trades and commodities used in these key sectors and used to stop iran from receiving payment in gold or using oil payments in local currency then to buy gold and we have to stop an effort to water down these sanctions. i say that because i remember the votes in the past. i remember our effort on the central bank. it was only because we got unanimous votes because we got so much support that we were able to deploy those. but let me add that there is another portion of the amendment here that targets the regime for their human rights abuses. and i think one of the areas where we've been short, for those of you who have talked to to those in the prison there and experienced the torture, who have seen the murder, who have experien
CSPAN
Nov 29, 2012 5:00pm EST
solution. i do not mind helping the palestinian people who have many challenges to get a good economy and a rule of law nation established on the west bank. but i cannot along with my colleagues in good conscience send $1 billion to an organization who is trying to use the political will of the united nations and the international criminal court to undermine the last, best chance for peace. being a military person myself, i will not sit on the sidelines and use american dollars in a situation where the palestinians can make every idf member a war criminal simply by defending the sovereignty of the state of israel. in the last conflict, there were over 1000 rockets fired into israel. to the american people, what would we do with one rocket hit american soil? not only has the israeli military been measured, you have to romer -- remember they left gaza. hamas is a terrorist organization and now last best partner in the peace process has but the american people and congress in an untenable situation by going around the process, petitioning the united nations to set up the international criminal
CSPAN
Nov 30, 2012 7:00pm EST
obvious and pressing on the american public as was mentioned in the last session, the economy is international in the way it was not in 1990. that is, we can talk in 1990 about raising corporate taxes and lowering the tax on dividends, for example, which was one of the policies suggested during the 1990s discussions that came in effect in 2003. that's just completely backwards today. that is to say corporations are facing international competition and downward pressures on taxes at the business level that are not faced by individuals op their receipts, and we would be better off today if we had a lower tax at the corporate level and much higher tax at the individual level rather than what we have now which is the opposite of that which brings me to another major lesson is do not let policy become hostage to deficit numbers. that is, you have to think hard about what policies will allow the united states to achieve growth needed of fair distribution of the tax burdens and spending programs that the united states is engaged in. adequate revenues to match the spending that we're goi
CSPAN
Dec 3, 2012 5:00pm EST
going to hurt the stock market. it is just going to affect the economy the same as gas prices or food prices going up on the poor and middle class. life will go on. just like life has gone on for the rest of the united states of america. but right now, i think the state of politics is very sad because they're seen -- there seems to be more of a game to be played and positions, one party having the upper hand over the other. not much is going to get done. and you have too many extremes on each side to make things a lot more difficult to run. and it makes it difficult on the president as well. i'm optimistic that the president got reelected, but pessimistic on anything really changing. have leased, anytime soon. -- at least, any time soon. host: and talking about actual change, if there will be a difference on january 1st or otherwise, in terms of taxes, politics, the fiscal cliff, john mckinnon, are any of these expiring? as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deduction
CSPAN
Dec 3, 2012 2:55pm EST
on the mend? >> it has a lot to do with what our expectation is in terms of how the economy is going to perform and what will happen to the trajectory of house prices. in an environment where the economy is strong, house prices in most markets are, at worst, flat, generally rising. i would agree that borrowers will be accumulating down payment, reasonably steady income. the risks of default are manageable, covered with in the premiums. the problem is we feel we are in an environment of slower economic growth. there is not a lot of when under the sales, which means that the possibility that you can have recession is more likely because you're starting from a lower growth rate. house prices may be on a much flatter trajectory. then it is a question about whether the low down payment program is necessarily the best, even for the borrower. when you factor in -- and here is where downpayment does matter, because it is the culmination of a bar or -- the combination of a borrower, that is the determination of whether you get a default. the possibility that house prices decline in your marke
CSPAN
Dec 1, 2012 4:03pm EST
importance of the economy. is it in their economic interests to avoid a vacuum? >> first of all, as you know, we signed not only the oslo accords, but also the peace accords. there is a mechanism, how to collect money for debt. today it is our biggest problem, outstanding debt to the electricity company. about 700 million shekels. those are very serious troubles come a very serious -- troubles, very serious problems. we have international obligations. this is in clear opposition to their obligations, to their signature on the oslo peace accord. we do not need to pay for their electricity. we paid for the palestinians, and mahmoud abbas bought a new jet for $53 million. the prime minister of israel does not have his jet, but not with the boss has his jet -- mahmoud abbas has his jet that he bought three months ago. our problem today with the palestinians is not to help them, not to develop their economy, but to deal with corruption in their ministration. we draw our conclusions in this situation as we have today. we will try to compensate all of our losses, especially with our electricit
CSPAN
Dec 1, 2012 9:45pm EST
humanitarian goods. i travel the world working to help people everywhere take part in the global economy, and we never lose sight of the fact that iranians deserve this no less than any other people. america's goal is to change the iranian leadership's calculus. we have worked with the p-5 plus 1 to put a credible offer on the table. if there is a viable diplomatic deal to be had, we will pursue it. and should iran finally be ready to engage in serious negotiations, we are ready. when iran is prepared to take confidence-building measures that are verifiable, we are prepared to reciprocate. what we will not do is talk indefinitely. the window for negotiation will not stay open forever. president obama has made that clear, and by now i think it should be clear this is a president who does not bluff. he says what he means, and he means what he says. the second shared goal i want to discuss is this -- now that rocket fire from gaza has stopped, america and israel have to work together with partners in the region to turn the ceasefire into a lasting calm. now, we have no illusions about those
Search Results 0 to 18 of about 19